The renewable energy development pipeline has soared across Asia Pacific according to Renewable Additions Index of IHS Markit.
Also, around a third of the power projects under construction, or about 80 GW were set to generate wind, solar, hydro and other types of renewable electricity across 16 key regional markets.
In the IHS Markit’s rankings, Australia leads the index with 89 per cent of capacity under construction being either wind, solar or biomass power, while, Japan and South Korea stood 2nd and 4th, respectively, in the ranking on the back of large pipeline of offshore wind projects in both countries.
Besides, Vietnam stood at third place in the region by leading emerging markets, as the country promoted feed-in tariffs to attract investment in solar and wind power, added the report.
On the flip side, only 6 per cent of Bangladesh’s power capacity under development comes from non-hydro renewable sources, slightly ahead of Myanmar and Thailand, which stood at 4 per cent and 3 per cent respectively.
Commenting on the development, Xizhou Zhou, Vice President Global Power and Renewables at IHS Markit, said “our ranking shows that income level is not the sole determinant in a country’s willingness to pursue clean energy. Renewable energy is no longer a “rich nation” luxury as its cost continues to decline.”
Mainland China remains the largest renewables market in absolute terms accounting for 58 per cent of onshore wind and 33 per cent of solar projects under construction in the region. But it only ranks eighth place overall because of its large coal- and gas-fired power development pipeline.
Many governments in the region have announced clean energy ambitions, while others—including China, Japan and South Korea—have gone even further to commit to net zero emissions.
On the fossil fuel generation, the study highlighted that, the fossil fuel generation projects are still being built in Asia Pacific, with 192 GW of coal plants and 65 GW of gas-fired power plants currently under construction. China and India together account for 77% of the coal plants being built in the region; for gas-fired power projects, China, Thailand and Bangladesh are the most active in new build.
On the rapid development of demand in Asia, Xizhou Zhou said “while clean energy is growing rapidly in Asia, many emerging market economies continue to build fossil fuel plants to meet fast-growing base load demand with 24/7 reliability. Developed countries tend to face less pressure as their power demand growth is much slower or has already peaked, but even nations like Japan and South Korea are still building some coal plants.”